MFI Broker. Can you use them without any risk?
How many traders have tried trading, but failed because they have used the wrong brokers? You will be surprised by the actual numbers. The problem is that there are many brokers that you can choose from online, but only a couple of them are legit and recommended. This is why it is so important to make sure about the brokers that you consider to use.
MFI brokers are one of the brokers that you can find online. However, the question that you should be asking is if they are one of those that you can use without any risks or if they aren’t recommended.
MFI Brokers are Forex and CFD brokers. They do offer a huge variety of cryptocurrency pairs. They are offshore brokers and is situated in St. Vincent and the Grenadines. The first sign that they are risky to be used by traders.
MFI brokers have published a physical address, a telephone number, and email address. However, this is the only information we could get from the company. Remember that brokers are a company and there should be other, company info as well. The first sign that this might not be the best brokers to use.
Are they registered and regulated?
This is the part that many traders don’t understand. MFI brokers are registered. However, they are registered locally, offshore. They aren’t registered for international use. Meaning that they aren’t actually brokers that can be used internationally. However, they are still providing services all over the world. Making them illegal.
And, because they aren’t registered internationally, they aren’t regulated as well. Being regulated means that they need to follow some strict rules and regulations in order to be a recommended broker. And, they aren’t regulated.
Account and minimum required deposit info
MFI brokers are offering four different accounts. This is great because traders can choose the account options that will be best for them and their trading needs. You can choose between Micro, standard, premium and VIP accounts. These accounts have different features and different benefits.
With each of these accounts, there is a minimum required a deposit that a trader needs to pay before they can start trading. These minimum required deposits start at $250 and goes up to $100,000. This is not that high required deposits. However, when you keep in mind that this is an offshore broker, this becomes riskier to deposit this high amount of money.
The platform that they are making use of
These brokers are making use of the best platform on the market. They are making use of MT4. MT4 is one of the most recommended platforms by traders. This is a great platform that is reliable and that is giving correct information.
This is why many traders are making use of this broker. Because of the platform that they are using. But, this should not be the only reason why you are using a broker. Especially, if you are looking at the other, negative things and problems found with MFI brokers.
Terms and conditions not standard
Something that is bothering us, is their terms and conditions. There are some stipulations in that isn’t standard and that can cause serious problems for traders. This is one of the reasons why traders should make sure that the brokers are regulated. Then, there will not be any problems with terms and conditions that aren’t standard and that might be dodgy.
No demo account
This is something that not many traders found as a problem. But, this is only because they don’t really know the benefits of making use of a demo account before registering and paying real money with brokers.
A demo account is giving you some insights about the trading options that you have with the broker. And, if they are using the legit version of MT4. With MFI brokers, you can’t say for sure that they are using the real MT4, because they don’t offer a demo account.
Limited company info
If a company is legit, they will publish all the company’s information on their site. This is because they are proud to be a legit company and they are proud to say who the founders are, and what the founder’s date is.
After searching, we found that there isn’t any information about MFI brokers, besides their address, telephone, and email address. No information about the founders, the brokers available or even when the company started.
What are regulators saying about MFI Brokers
We left the most important thing for last. What are regulators saying about MFI Brokers? They are saying that this isn’t a legit broker and what they don’t recommend them to any trader. They aren’t registered, regulated and an offshore broker. Making them three times as risky as other brokers. Regulators have published official warnings about these brokers, to ensure that traders know that they are dangerous to use.
MFI brokers are one of many brokers you can use online. However, they are also one of many brokers that aren’t recommended by regulators. This isn’t brokers that you can trust with your money. There are many other, more reliable and legit brokers out there that are recommended by regulators.